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Tax Savings Tips
Expert’s Corner
2018 Year End Tax Tips (PDF, 690 KB)
Tax planning should be a year-round affair. But as year-end approaches, now is a particularly good time to review your personal finances. Take advantage of any tax planning opportunities that may be available to you before the December 31 deadline.
Who cares? Easing the financial burden for caregivers (PDF, 695 KB)
This report examines some tax relief that may be available to individuals or their caregivers to help offset the costs of care. It also explores some financial considerations related to Powers of Attorney and joint assets for proper planning for the care years ahead.
Missing the point? Financial and tax considerations of loyalty point redemptions (PDF, 185 KB)
This report outlines some things to bear in mind before redeeming loyalty points for rewards, with a focus on tax considerations.
So… you wanna be a landlord? Tax considerations for rental properties (PDF, 130 KB)
Whether you’re purchasing a residential or commercial property for the purpose of leasing it out or considering renting your home or a part of it, this report highlights some of the more common tax issues you should consider before taking the plunge.
It's 2018 — Do you know what your tax rate is? (PDF, 590 KB)
This Report will help you to understand how your income is taxed and why the “advertised” tax rate isn’t always what you end up paying.
2018 Federal Budget (PDF, 600 KB)
Jamie Golombek discusses how the 2018 federal budget may impact you.
Video: Dispelling Common RRSP Myths (3:46)
Transcripttranscript for Dispelling Common RRSP Myths video. Opens a new window in your browser
Act now for income splitting loans (PDF, 520 KB)
The window for locking-in an income splitting loan at the lowest possible historical prescribed rate of 1% is quickly coming to an end, as the prescribed rate is set to double to 2% on April 1, 2018.
Five ways to minimize your 2018 tax bill (PDF, 590 KB)
The start of the new year is the perfect time to review your tax minimization strategies for the year ahead. Here are 5 things to consider early in 2018.
Taking Action: Revised CCPC tax proposals (PDF, 640 KB)
What you need to know and do, by Debbie Pearl-Weinberg and Jamie Golombek.
Video: Private Corporation Tax Proposals: What’s Important & What to Do (6:18)
Give a Little Bit (PDF, 840 KB)
To help you with your gifting plans, Jamie Golombek gives answers to some common questions.
Video: Give a Little Bit: Tax Planning and Gifting (4:53)
2017 Federal Budget (PDF, 595 KB)
Jamie Golombek discusses how the 2017 federal budget may impact you.
Whether you’re looking to buy your first home, you’re already a homeowner or you sold your home during the year, here are some tax tips to keep in mind.
Many Happy Returns! Mining Your Tax Return for Extra Money This Spring (PDF, 630 KB)
Get the best value from your tax return by taking advantage of all the tax deductions and credits available to you. This report outlines some common items you may be able to claim, as well as some lesser-known government tax incentives that could put extra cash in your pocket.
The Great Divide: Income-splitting strategies may lower your family’s taxes (PDF, 85 KB)
Now is a great time to revisit some income-splitting strategies, both old and new.
Intaxication: Why getting a tax refund may be a sign of poor financial planning (PDF, 80 KB)
There are a number of ways to use your tax refund to your advantage or, even better, ensure that your tax refund next year is eliminated altogether and the taxes saved are used throughout the entire year to your benefit.
Tax tips for U.S. vacation property owners (PDF, 75 KB)
Jamie Golombek discusses Canadian and U.S. tax implications of owning U.S. vacation property.
Tax Treatment of Collectibles (PDF, 45 KB)
Tax tips for buying, selling and owning collectibles like artwork, stamps and antiques.
Doing it right the first time! Avoiding the most common tax return errors (PDF, 610 KB)
Timely tax return advice to help you avoid common, potentially costly errors when preparing your tax return.
Getting the Most Out of Your RRSP (PDF, 70 KB)
An RRSP is one of the best ways to save for retirement, providing both a tax deduction for contributions and allowing you to avoid paying tax on the accumulated investment income inside the plan.
The RRSP, the TFSA and the Mortgage (PDF, 215 KB)
Making the best choice for saving via an RRSP, TFSA or debt repayment
Why small business owners should favour dividends over a bonus.
Blinded by the Refund (PDF, 895 KB)
Why TFSAs may beat RRSPs as better retirement savings vehicles for some Canadians.
Planning with RDSPs (PDF, 660 KB)
People with disabilities and their families have an important tool in their planning toolkit: The Registered Disability Savings Plan (RDSP).
Advanced planning with RDSPs (PDF, 705 KB)
A Registered Disability Savings Plan (RDSP) is an effective long-term savings vehicle that can be used to help provide for the financial security for eligible persons with disabilities.
Beware the big tax hit (PDF, 75 KB)
Beware the big tax hit that could be lurking in your house, if you decide to rent part of it out or have your office in it.
What happens when a TFSA holder dies? (PDF, 50 KB)
Despite the reams of advertising and promotion surrounding TFSAs, there is still some confusion about what happens when a TFSA holder dies.
When it makes sense to maximize RESPs over RRSPs (PDF, 70 KB)
An individual could come out ahead if they were to bypass their RRSP contribution for the time being in favour of maximizing contributions to their RESP, to start catching up on missed Canada Education Savings Grants (CESGs).
Horizons HXT ETF (PDF, 515 KB)
There are 2 main characteristics to consider when searching for tax-efficient investments: the nature of the return you’re getting (interest income, dividends or capital gains) and when you have to pay tax on it. The Horizons HXT ETF (HXT), which builds upon the characteristics that investors already love about ETFs (low cost, low tracking error and intraday liquidity), may provide an element of tax-efficiency.
Top tax tips for kids heading back to school (PDF, 245 KB)
As kids head back to college or university, why not share some tips with them so they can be sure they are taking full advantage of the tax system to maximize the cash in their jeans.
The best school supply? RESPs (PDF, 45 KB)
The best school supply is a well-funded education savings plan, ideally, in the form of a Registered Education Savings Plan.
Income tax consequences of making an asset joint with an adult child (PDF, 70 KB)
People often choose to make assets joint with their adult children for estate planning purposes in an attempt to avoid probate fees on death. In the haste to avoid a fee, there may be unintended income tax consequences.
Articles
About RESPs
A Registered Education Savings Plan (RESP) is a tax-deferred investment plan that helps you save for a child’s post secondary education, so that you’ll have the funds you need, when you need them.
Benefits of an RESP
There are many benefits to saving for your child’s post-secondary education with a CIBC Registered Education Savings Plan (RESP).
Government Grants and Incentives
Government grants and incentives are available to help you build your RESP savings.
CIBC Disability Savings Plan (DSP)
The federal government has Registered Disability Savings Plans (RDSPs) to help parents and other individuals save for the long-term financial security of a person with a disability.
About RDSPs
Any person can be a beneficiary of an RDSP if he/she meets the criteria.
Learn more: About registered disability savings plans (RDSP)
CDSGs and CDSBs — Assistance from the Government of Canada
Contributions to an RDSP may qualify for a Canada Disability Savings Grant (CDSG) of up to $3,500 per year.
Learn more: CDSGs and CDSBs — assistance from the Government of Canada
Tax Filing Made Easy
Whether you file your own taxes or have them done by a professional, an organized approach can save you time and money.
Are You Making the Most of the Dividend Advantage?
Learn how to get the most advantage out of dividend income through tax credits and mutual funds.
Cut Through the Financial Clutter and Take Control
Holding multiple bank accounts and RRSPs at different institutions can make your investments less diversified.
Learn more: Cut through the financial clutter and take control
Test Your TFSA Knowledge
Take our quiz to see how much you really know about tax free savings accounts.
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